On what may be the first time that the United States openly requests entities from another country to investigate cryptocurrency transactions, the Department of Financial Services (DFS) of New York requested six South Korean banks and their branches in American territory to make a report. to prevent money laundering.
Sources belonging to the banking sector revealed to a specialized newspaper in South Korea that the banks urged to initiate the investigations are Woori, Shinhan, KB Kookmin, the Industrial Bank of Korea (IBK), NH Nonhyup and the Korean Development Bank (KDB), because they want to prevent the potential criminal money laundering by using cryptocurrencies.
Likewise, the authorities may want to prevent the cryptoeconomy from being a free space for North Korea to avoid international sanctions and trade with funds from theft of exchange houses or attacks with malicious software .
A banking representative who did not want to be identified said they are working to comply with the request. “We are evaluating if it is okay to transmit your own information individually. Six banks and the financial authorities will work to address this issue, “he said.
The US authorities want the banks to report directly the results of the audits carried out by the Financial Supervision Service and the Financial Intelligence Unit, in order to confirm that the work to combat money laundering is up to date.
The letter requests to be able to review in detail that banks have adequate procedures and relevant regulations to determine information on cryptocurrency transactions (such as the name of users), as well as the results of government research on investments. based on cryptoactives.
Some of these banks have been authorized in recent days to create accounts for their clients that are dedicated to managing the funds coming from cryptocurrencies, in what are somewhat stronger regulatory measures that are being promoted by the authorities and that would come into force at Starting tomorrow , January 30.
In this series of events, the authorities also gave rise to the creation of an intelligence team to monitor the crypto-financial activities and work hand in hand with the exchange houses. The Financial Intelligence Unit (FIU) will be conducting intensive analyzes of suspicious transactions as of February 25.
Both the British government and the US claimed that North Korea is behind the ransomware WannaCry infection,which last year infected thousands of computers around the world, generating profits in cryptocurrencies such as bitcoin and monero. In addition, hackers have been accused of stealing funds from South Korean YouBit exchange offices twice, which went bankrupt.
Even recently, it was ruled that Kim Il Sung University was receiving funds from mining malware from the Monero cryptocurrency , which could be attacking servers around the world.
Due to the situation with North Korea, on January 25 Sigal Mandelker , who is undersecretary for Terrorism and Financial Intelligence, and who is in charge of financial sanctions against North Korea, visited the Financial Services Commission (FSC) of South Korea and assured that They are working to disable the illegal financial networks of the North Korean “outlaw” regime.
According to the information, the undersecretary suddenly canceled a press conference that same day, and then held a meeting with the deputy director of the FSC, Kim Yong-beom, to determine the forms of collaboration to combat money laundering using cryptocurrencies.
Meanwhile, the adoption of cryptocurrencies continues to rise in South Korea. The online trading platform, the main one in that country, Wemakeprice.com, announced that within the first quarter of the year it would start accepting cryptocurrencies as payment method , due to an alliance with the Bithumb exchange house, although they could wait for The regulatory landscape of the country is defined.